Demand for labour continues to rise in Fiji – RBF
Foreign reserves stand at $3.4 billion

Demand for labour continues to rise in Fiji – RBF

Foreign reserves stand at $3.4 billion

By Vijay Narayan
Monday 04/12/2023
[Image: File Photo]

The demand for labour continues to rise, reflective of the rebounding economic activity coupled with higher labour emigration according to the Reserve Bank of Fiji.

The Reserve Bank of Fiji says the loss of skilled labour due to high emigration, capacity constraints in the tourism industry, high cost of doing business and persistent threat from natural disasters and climate change pose challenges that can disrupt growth projections.

The RBF says the number of job vacancies increased by 32.3 percent in the year to September led by higher recruitment intentions in tourism related sectors.

Similarly, the number of formal employment and wages paid also increased annually up to August.

Meanwhile, partial indicators for investment activity have shown gradual signs of recovery.

Commercial banks’ new lending for investment purposes rose by 33.7 percent annually cumulative to October driven by higher lending to the real estate, building and construction and to households for home investments.

Likewise, the value of work put-in-place (16.3 percent) picked up in the first-half of this year compared to the same period last year.

In contrast, leading indicators for construction activity such as the number of building permits issued dropped by 12.4 percent cumulative to the second-quarter and cement sales dropped by 2.6 percent cumulative to September.

Liquidity in the banking system is adequate at around $2.2 billion, keeping interest rates at historical lows.

Fiji’s merchandise trade deficit widened by 5 percent to around $3.3 billion cumulative to September as growth in imports continued to outweigh the expansion in exports.

Imports (excluding aircraft) grew by 5.2 percent to approximately $5 billion underpinned by an increase in machinery and transport and miscellaneous manufactured goods imports while the improvements in exports (grew by 5.6 percent to $1.7 billion) stems from higher re-exports of mineral fuels and lubricant commodities.

Foreign reserves remain at adequate levels and are currently around $3.4 billion, sufficient to cover 5.7 months of retained imports of goods and services.

Anyone who wants to come in has to come without any political affiliation – GCC Chair
Chairman of the Great Council of Chiefs, Ratu Viliame Seruvakula has made it clear that if any chief wants to be a GCC member, they will have to come ...
42 minutes ago
The term ‘breaking the glass ceiling’ is a real achievement for women - Uluinaceva
Leadership Fiji Alumni and Maxumise Fiji Managing Director, Salote Uluinaceva says the term ‘breaking the glass ceiling’ is a real achievement ...
36 minutes ago

Fuel prices to go up from tomorrow
People will have to dig deeper into their pockets as fuel prices are going up from tomorrow. Unleaded fuel is going up by 11 cents and will now ...
5 hours ago

Cabinet approves relocation of Nabavatu Village which will cost $5.9 million
Cabinet has approved the relocation of Nabavatu village to land in Nadoiviri belonging to the Mataqali Uluitoga and Mataqali Nalutu. Nabavatu ...
5 hours ago

Villagers in Ba change way of living due to climate change – Uni Fiji Lecturer
Coastal villagers in Ba are implementing changes in their agriculture, farming, fishing and way of living due to the impacts of climate change. ...
5 hours ago

Naupoto attacks Tikoduadua on Restore Blue and claims of interference
The attack on the Home Affairs Minister, Pio Tikoduadua has continued by the FijiFirst Party in relation to crime and drugs where FijiFirst MP, ...
6 hours ago


fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Kishore Kumar Trial
Kishore Kumar is charged with allegedly making false claims on his Facebook page, Kishore Kumar Publications that there was a porn video of ...
9 days ago

Concerns raised regarding the state of CWM Hospital
General and Chief Pediatric Surgeon at the CWM Hospital, Dr Josese Turagava says due to the increase in the number of people who are moving to the ...
10 days ago

HSBC Perth 7s 2024
The Fiji Airways Men’s National 7s side secured a 4th place finish at the HSBC Perth 7s while the Fijiana 7s finished 8th in the Women’s ...
26 days ago